Finavera Receives Judgment in Scott & Associates Engineering Lawsuit
VANCOUVER, May 15, 2013 /CNW/ - Finavera Wind Energy Inc. ('Finavera') (TSX-V:
FVR) announces that the Alberta Court of Queen's Bench has issued reasons for
judgment in the case of Scott & Associates Engineering Ltd. ('Scott') v.
Finavera Wind Energy Inc.
Scott was claiming a constructive trust over a wind energy project known as
the Three Hills Project ('Three Hills'), which Finavera acquired from Penn
West Petroleum Ltd. in 2007 and subsequently sold to Ghostpine Windfarms LP, a
subsidiary of NextEra Energy Inc ('NextEra'), in 2008. Scott alleged that
Finavera acquired Three Hills by misusing confidential information proprietary
to Scott and that it misappropriated a business opportunity which belonged to
The Court dismissed Scott's claims and found that Finavera did not misuse any
confidential information, did not breach any contract with Scott and did not
misappropriate a business opportunity belonging to Scott. The Court also
refused Scott's claims to a proprietary interest in Three Hills or an
accounting of the profits from Three Hills. The Court concluded that "Scott
has proven only that it is entitled to be reimbursed for the value of the
services it has provided…" It found that the appropriate award to Scott
for those services was in the amount of $600,000. Finavera continues to have
a holdback of $1,000,000 with NextEra related to the 2008 sale, in order to
deal with legal costs and any potential judgment.
In describing the testimony of the principal of the Plaintiff, Bryan Scott,
the Court stated: "Mr. Scott was clearly trying to put a positive, even
hopeful spin on what was occurring. In certain instances, the presentation
of his evidence through the lens of his preferred or desired result worked
against his credibility …at other times, his testimony was internally
Finavera will be reviewing its legal options in relation to the judgment and
will determine if further action is necessary.
Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com)
Finavera Wind Energy is a company focused on developing, constructing and
operating wind farms in North America and Ireland. Our mission is to create
and operate a diversified portfolio of wind projects while protecting and
enhancing the physical and social environment. In British Columbia, Canada,
four projects totaling 300 MW have been awarded 25 year AAA-rated Electricity
Purchase Agreements and one has received full environmental approval and
permitting for construction, expected to begin in later 2013. In Ireland, the
Company has signed a partnership agreement with SSE plc for development of the
105MW Cloosh Valley Wind Project. Finavera is continuing to opportunistically
review prospects for growth and the enhancement of shareholder value.
Statements in this news release, other than purely historical information,
including statements relating to the Company's future plans and objectives or
expected results, constitute Forward-looking statements. The words "would",
"will", "expected" and "estimated" or other similar words and phrases are
intended to identify forward-looking information. Forward-looking information
is subject to known and unknown risks, uncertainties and other factors that
may cause the Company's actual results, level of activity, performance or
achievements to be materially different than those expressed or implied by
such forward-looking information. Such factors include, but are not limited
to: uncertainties related to the ability to raise sufficient capital, changes
in economic conditions or financial markets, litigation, legislative or other
judicial, regulatory and political competitive developments and technological
or operational difficulties. Consequently, actual results may vary materially
from those described in the forward-looking statements.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release."
Finavera Wind Energy Jason Bak CEO +1 (604) 288-9051 firstname.lastname@example.org
SOURCE: Finavera Wind Energy Inc.
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CO: Finavera Wind Energy Inc.
ST: British Columbia
NI: OIL ENV LAW VERDICTS LAWVIEWS
-0- May/16/2013 01:27 GMT
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